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Animal Spirits in Woodford and Reichlin Economies: The Representative Agent Does Matter

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Author Info

  • Stefano Bosi

    ()
    (EPEE, Université d’Evry)

  • Thomas Seegmuller

    ()
    (CNRS and EUREQua)

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    Abstract

    Macroeconomic dynamic models are often criticized because the households’ behavior is summarized by a representative agent and, then, they do not take into account consumers’ heterogeneity. Reconsidering the Woodford (1986) infinite-horizon model and the Reichlin (1986) OLG model, we show that the representative agent can be a good representation of heterogeneity in preferences, in order to study the local dynamics and the occurrence of endogenous fluctuations.

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    File URL: http://epee.univ-evry.fr/RePEc/2005/05-01.pdf
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    Bibliographic Info

    Paper provided by Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne in its series Documents de recherche with number 05-01.

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    Length: 10 pages
    Date of creation: 2005
    Date of revision:
    Handle: RePEc:eve:wpaper:05-01

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    Related research

    Keywords: Endogenous fluctuations; heterogeneous preferences; representative agent;

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    References

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    1. Christian Ghiglino, 2003. "Wealth inequality and dynamic stability," Diskussionsschriften dp0310, Universitaet Bern, Departement Volkswirtschaft.
    2. GRANDMONT, Jean-Michel & PINTUS, Patrick & de VILDER, Robin, 1997. "Capital-labor substitution and competitive nonlinear endogenous business cycles," CORE Discussion Papers 1997087, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Cazzavillan, Guido, 2001. "Indeterminacy and Endogenous Fluctuations with Arbitrarily Small Externalities," Journal of Economic Theory, Elsevier, vol. 101(1), pages 133-157, November.
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    Cited by:
    1. Stefano Bosi & Thomas Seegmuller, 2006. "Can heterogeneous preferences stabilize endogenous fluctuations ?," Cahiers de la Maison des Sciences Economiques v06082, Université Panthéon-Sorbonne (Paris 1).

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